Live Nation Acquires David Grutman's Groot Hospitality

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Oct 21, 2019, 09:00 ET

LOS ANGELES, Oct. 21, 2019 /PRNewswire/ -- Live Nation Entertainment, the world's leading live entertainment company, today announced it has acquired a majority stake in David Grutman's Groot Hospitality.

Live Nation Acquires David Grutman's Groot Hospitality

Groot Hospitality's portfolio includes top dining, entertainment and hospitality brands known for high-energy, high-impact environments that deliver the ultimate elevated experience for guests. The company's footprint currently includes LIV (2009), Story (2012), Komodo (2015), Swan & Bar Bevy with Pharrell Williams (2018) and Papi Steak (2019) and is set to expand with 11 new projects in Miami, Las Vegas, Dallas & Dubai slated to open in the next 24 months.

"Entertainment is the DNA of Groot Hospitality, so it was a natural fit for us to join the leading live entertainment company," says Grutman. "Live Nation shares my passion for creating once in a lifetime experiences and together we will grow our portfolio worldwide while pushing the limits of fans' expectations."

Live Nation will tap into Grutman's expertise to elevate and launch offerings across Live Nation's venues, festivals and events.

David Grutman will remain as CEO of Groot Hospitality along with executives Chris Cuomo and Mo Garcia.

About Live Nation Entertainment
Live Nation Entertainment (NYSE: LYV) is the world's leading live entertainment company comprised of global market leaders: Ticketmaster, Live Nation Concerts, and Live Nation Sponsorship. For additional information, visit www.livenationentertainment.com.

About Groot Hospitality: Formed in 2018 as David Grutman's collective of many successful ventures, Groot Hospitality's portfolio includes LIV (2009), Story (2012), Komodo (2015), OTL (2017), Swan & Bar Bevy (2018) & Papi Steak (2019). In 2020, Groot Hospitality will introduce a number of new projects in Miami, Las Vegas, Dallas & Dubai that will again expand Groot

Hospitality's footprint into new market segments and cities. Website: www.groothq.com Instagram: @groothospitality

SOURCE Live Nation Entertainment